|
|
Different Mortgage Types and Interest Rates
The solution for
homeowners over the age of 60
who want to release some of the equity that they
have built up in their properties to enhance their
lifestyle in retirement.
The lender is a
member of Safe Home Income Plans (SHIP),which offers a number of safeguards,
including a "No negative equity guarantee" which ensures that the most applicants
(or estate) will ever owe is the value of the property.
The loan is at a fixed rate for the duration of the mortgage
term.
Lump sum drawdown and
further loan facilities
are available. Portability options
are available, subject to criteria
Generous loan to values available
Loan is not payable until the death of the (surviving) applicant, when they
move into long-term care or the property ceases to be the main residence.
No monthly repayments are required.
Rates - 6.74% fixed for entire
term
Product Details Back to top of form
Loan Size Maximum loan - LTV 55% £250,000 maximum
Minimum loan - £25,001
Loan to Value is calculated on the age(s) of the applicant(s). It is based on the youngest applicant at the time of application
|
Age
|
% of Property
Value
|
|
60
|
25
|
|
61
|
26
|
|
62
|
27
|
|
63
|
28
|
|
64
|
29
|
|
65
|
30
|
|
66
|
31
|
|
67
|
32
|
|
68
|
33
|
|
69
|
34
|
|
70
|
35
|
|
71
|
36
|
|
72
|
37
|
|
73
|
38
|
|
74
|
39
|
|
75
|
40
|
|
76
|
41
|
|
77
|
42
|
|
78
|
43
|
|
79
|
44
|
|
80
|
45
|
|
81
|
46
|
|
82
|
47
|
|
83
|
48
|
|
84
|
49
|
|
85
|
50
|
|
86
|
51
|
|
87
|
52
|
|
88
|
53
|
|
89
|
54
|
|
90+
|
55
|
Debt/loan
consolidation
Borrowers can consolidate any legal debts or loans up to the maximum loan
to value permitted by age.
Loan basis Back to top of form
Mortgage Term
The loan is repaid upon the sale of the property following the death of the
(surviving) applicant or when they move into long-term care or the property
ceases to be the borrower's main residence.
Portability Back to top of form
This option lets customers transfer the interest rate and all the existing
terms and conditions of their current Mortgage Express Lifetime mortgage to
their new home.
Portability is available providing the new property satisfies our lending criteria. However if the customer is moving somewhere to a property of less value, they may have to pay back some of the loan which would be subject to an early redemption fee.
Age
Back to top of form
Maximum of two applicants, who must both be aged 60 or above, and be homeowners.
No employment or income history is necessary for this product, although all
customers must be found at the credit bureau.
Unacceptable Security
Back to top of form
The following is a list of properties that we would not consider for a mortgage:
Freehold flats
Commercial properties
Flying freeholds (up to 25% is normally acceptable)
Properties suffering from ongoing structural movement
Properties with alumina cement
Properties that are excluded from full buildings insurance
Properties that are defective under the 1984 Housing Act
Properties affected by local planning issues
Multi tenanted (Buy-to-Let properties may be suitable)
Multi kitchen (exceptions may be made for religious reasons or self contained
flats where we are lending on the freehold)
Subject to third party interest
Caravans, static caravans or houseboats
Low value flats (contact Mortgage Express for exceptions)
Timber framed inner and outer wall properties (contact Mortgage Express for
exceptions)
Properties connected (eg semi detached and terraced properties) to others
owned by the applicant. This does not include flats.
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sub prime lender offering secured and unsecured loans
UK.
